Overstock.com has won the auction to buy some of Bed Bath & Beyond’s assets, a June 22nd court filing shows. The online-only retailer will pay $21.5 million for some of Bed Bath & Beyond’s intellectual property. Bed Bath & Beyond filed for Chapter 11 in April and is attempting to liquidate all its assets.
Bed Bath & Beyond operated 360 of its namesake stores at the time of its bankruptcy filing. Ahead of its Chapter 11, the company closed two parts of its business – its 65-store Canadian business and its chain of Harmon beauty stores, which comprised 50 locations.
Overstock had been luring suppliers away from Bed Bath & Beyond for months before making a bid for the now bankrupt retailer’s IP. “We saw an opportunity to go to those suppliers that either weren’t getting paid or canceling their contracts [with Bed Bath & Beyond],” Johnson said.
The successful bid gives Overstock ownership of Bed Bath & Beyond’s internet properties, social media, mobile platforms, business data, publicity rights and trademarks. Overstock also agreed to assume some contract liabilities. But the deal does not include any brick-and-mortar stores.
Source: Retail Drive
